Korea plans $20 billion city project in Saudi

A Daewoo E&C consortium has made a proposal for a $20 billion city project in Riyadh.

May 17, 2017

The Saudi government and the consortium comprising Daewoo E&C, Hanwha E&C and Saudi Pan Kingdom Company (SAPAC) aims to build Dahyat Alfursan New City 12KM east of the Riyadh airport, according to a news statement in Business Korea.

The new city will be built on a total land area of 40 sqm. In March of last year, the consortium signed an MOU with the Saudi Housing Department and since then, has drawn up detailed plans for the project. The project is expected to be the largest overseas construction order in the history of Korea.

The project was presented to the Saudi Housing Department, which disclosed the master plan, architectural design, and business plans.

A representative from Daewoo E&C was quoted in the statement saying that the company is also "planning to clinch more orders from neighbouring Middle Eastern and North African regions, which are suffering from the same housing supply problem."